HK Stock Market Move | GENOR-B(06998) surged over 17% in the afternoon: injection GB268 approved for clinical use, planning to develop treatment for advanced solid tumors.

GENOR-B (06998) rose over 17% in the afternoon, as of the time of writing, it has risen 14.98% to HK$3.76, with a turnover of HK$22.33 million. On the news front, data from the drug clinical trial registration and information disclosure platform show that Jihe Biotech's Phase I study evaluating the safety, tolerability, pharmacokinetics, and efficacy of the PD-1/CTLA-4/VEGF tri-specific antibody GB268 in advanced solid tumor patients has been initiated. Public information shows that GB268 is a tri-specific antibody targeting PD-1/VEGF/CTLA-4 developed independently by Jihe Biotech. It is worth noting that on April 15, Jihe Biotech announced that it had submitted an application for listing to the Hong Kong Stock Exchange, and Yiteng Medicine will acquire Jihe Biotech through a reverse takeover. As early as October 2024, Jihe Biotech and Yiteng Medicine announced a strategic merger. After the merger, the company will be renamed as "Yiteng Jihe Pharmaceutical Group Limited". Jihe Biotech will issue new shares to Yiteng Medicine shareholders as consideration, and the equity value of Yiteng Medicine and Jihe Biotech in this transaction is 677 million US dollars and 197 million US dollars respectively. Yiteng Medicine shareholders will hold 77.43% of the merged company's shares, becoming the controlling shareholder of the merged company, while Jihe Biotech shareholders will hold the remaining 22.57% of shares.